DSME to resume US$2.7b Kazakhstan oil facility project

[THE INVESTOR] After two years of deadlock, Daewoo Shipbuilding and Marine Engineering is expected to resume the suspended construction of a crude oil production facility in Kazakhstan within the year.The company said on July 18 that it has recently received the green light to resume the Kazakhstan project, following a new investment decision made by shareholders of Tengizchevvroil, the operator of the US$36.8 million Tengiz oil field, the largest investment by an oil company since 2014.Tengizch

July 18, 2016

Doosan Infracore’s Q2 operating profit more than doubles

[THE INVESTOR] Doosan Infracore ’s second-quarter operating profit jumped 126.9 percent from a year earlier, aided by recovering North American and European markets. On July 18, the company disclosed that its second-quarter operating profit came in at 173.5 billion won (US$ 152.71 million), and sales fell 0.2 percent from a year ago to come in at just under 1.62 trillion won. Doosan InfracoreThe company said that restructuring of its heavy industries and engine businesses facilitated the large i

July 18, 2016

Seoul to change preferential income tax for foreigners

[THE INVESTOR] South Korean government is planning to change the preferential income tax for foreign nationals working here, local media reported on July 18. According to reports, the Ministry of Strategy and Finance reviewing three possible measures in altering the special income tax rate applied to foreign nationals who work for companies specified by the presidential decree. At present, foreign nationals working at relevant companies are taxed at fixed rate of 17 percent regardless of income.

July 18, 2016

Hanjin Shipping still far from cutting charter fees

[THE INVESTOR] Hanjin Shipping has yet to clinch a deal for cutting charter fees as part of its debt restructuring plan, the company said on July 15. “At the moment, we haven’t reached an agreement,” the company said in a statement, adding it is still negotiating with 22 foreign ship owners. The remark comes after a local media report on July 14 that Hanjin Shipping has almost reached a deal for cutting its leasing rate by 27-28 percent from the current 2.6 trillion won (US$ 2.29 billion). If th

July 15, 2016

President will decide on pardoning businesspeople: FM

[THE INVESTOR] The Ministry of Strategy and Finance has not recommended any businessperson for the presidential pardon, Deputy Prime Minister for economic affairs Yoo Il-ho said on July 15. Speaking to reporters at an industrial complex in South Jeolla Province, Yoo said that the president will decide the issue, and that the matter is not at a stage in which the Finance Ministry could make recommendations. “The president will make a decision on pardoning businesspeople after she takes stock of t

July 15, 2016

Hyundai Group loses control over Hyundai Merchant Marine

[THE INVESTOR] Hyundai Group on July 15 lost control over Hyundai Merchant Marine, with the shareholders approving the seven-to-one reduction of capital held by group chairwoman Hyun Jeong-eun and affiliates. Once all related processes are over, HMM will become a subsidiary of the Korea Development Bank. Hyundai Merchant MarineThe stakes held by Hyun, Hyundai Elevator and Hyundai Global will be reduced to 3.64 percent from the current 22.64 percent. Hyundai Global is the de facto holdings firm f

July 15, 2016

IPO mulling Sampyo takes top spot in ready-mix concrete biz

[THE INVESTOR] Sampyo Group became the largest ready-mix concrete supplier in South Korea in 2015, industry data showed on July 15. Sampyo is now mulling IPO.Excluding subsidies, however, the top ready-mix supplier was Eugene Corp. that has maintained its position since 2006. SampyoAccording to the Korea Ready Mix Concrete Industry Association, Sampyo companies’ combined output came in at 7.57 million cubic meters in 2015. The figure is 32.5 percent higher than the previous year, and 130,000 cub

July 15, 2016